LifeStar Holding plc - Interim Results

On 28 August, GlobalCapital plc published its interim results covering the six months ended 30 June 2014.

Performance Overview

During the period under review, GlobalCapital plc reported a break-even position at the operational level compared to an operating loss of €44,254 in the previous comparable period. The marginal improvement is largely attributable to an improved performance by the Group’s insurance business. However, the Group still incurred a pre-tax loss of €0.64 million mainly due to the equivalent charge on the Group’s investment portfolio in line with the negative performance of the local equity market during the period under review. After accounting for a tax credit of €20,727, the Group’s net loss amounted to €0.62 million.

The financial statements of GlobalCapital plc also include a €0.33 million loss with respect to the Group’s investment and advisory division which has been reclassified as a discontinued operation given the Group’s plans to exit such a business. In this respect, the Directors noted that the Group has accepted an offer from an interested party for the sale of its investment and advisory portfolio. The transaction is still subject to regulatory approval.

Outlook 

The Directors explained that going forward the Group will strive to attain further operational efficiencies whilst also exiting its investment and advisory business to focus exclusively on its core insurance business. The Directors also explained that they regularly monitor the projected outlook and are satisfied that having taken into account the Group’s current and forecast statement of financial position, its current and forecast capital adequacy, its forecast cash flows and scenarios for raising additional debt or equity, it is reasonable to assume that the Company and the Group have adequate resources to continue operating for the foreseeable future.

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GlobalCapital plc – Interim Financial Statements covering the six months ended 30 June 2014.